Innovation - Literature review Example

Extract of sample
Innovation

This paper is a literature review of innovation as an important driver of firm profitability and performance, and as a vital source of competitive advantage in any industry. The ability of a business to arrive at creative and insightful designs and methods by which it may meet consumer demands and expectations has always been an attribute that culls consumer loyalty to its products and services. The same is true with the construction industry, where different construction firms are held to public scrutiny by such standards as cost, speed and quality of project execution, but also increasingly by its track record for safety and environment sustainability, its consistency with contemporary concepts of fair and ethical leadership, and the aesthetics and beauty of its design and craftsmanship. In comparative studies among various commercial undertakings, the construction industry noticeably lags behind in terms of innovation, research and development. Industry participants cite the overriding emphasis on cost minimization in an era of constantly rising materials prices, skilled manpower costs, and administrative expenses. Recent institutional initiatives have been taken to promote innovation in construction, such as the formation of integrated teams and innovative leadership, the most efficient use of information transfer and knowledge management, radical breakthroughs in materials research and construction methods and techniques, and the education of the public to develop a culture more receptive to innovation. ...Show more

Summary

The following study will seek to shed light on the generally accepted meaning of innovation in construction, the new paradigms and models emerging from a rethinking of this concept, and the importance of innovation to the construction business. …
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